Success as a Financial Advisor For Dummies

Chapter 11

Tackling Taxation

IN THIS CHAPTER

Resisting the urge to play accountant, unless you’re a CPA

Teaming up with tax pros to reduce your clients’ tax burden

Grasping the tax implications of different investment types

Reducing taxes by socking away money for education and retirement

Leveraging your clients’ generosity to trim their taxes

Your clients will remind you at least once a year how much income tax they pay and how much they hate to pay it. At the same time, they’ll want to know what you plan to do about it. Reminding clients that a big tax bill is a good sign that they’re making lots of money doesn’t cut it. They want to know how to slash that tax bill, so they can put more of their hard-earned cash to work for them.

Using tax-deferred retirement accounts, municipal bonds, annuities, 529 plans, health savings accounts, deductions for charitable donations, and more, you can tailor a tax-saving strategy for each client.

In this chapter, I introduce you to numerous tax-advantaged ...